Mitchell v. Harper
Mitchell v. Harper
Opinion of the Court
In a suit to foreclose a mortgage upon personal property there was a final decree for complainants and defendant appeals.
The principal defense was that an extension of time had been given for the payment of the indebtedness which the mortgage was given to secure and that the foreclosure suit was therefore prematurely brought.
The paragraph of the answer in which this defense is attempted to be set up is as follows: “That'on or about the 25th day of January, 1918, he came to the office of
The proof of the alleged extension of time for payment of the notes contains no more than the answer. It amounts to nothing except to show that no enforcible agreement for extension of time was made.
A valid agreement of extension has the effect' of suspending the right of the owner ,of the indebtedness to enforce its payment during the period of such extension. But in order to be effectual such agreement must be supported by a sufficient consideration. A mere agreement for delay for no definite time and without consideration is not enforcible. 7 Cyc. 731; 27 Cyc. 1525; Friedenberg v. Robinson, 14 Fla. 130; Davis et al v. Stout, 126 Ind. 12, 25 N. E. Rep. 862; Marshall Field Co. v. Oren Ruffcorn, 117 Ia. 157, 90 N. W. Rep. 618; Howe v. Klein, 89 Me. 376, 36 Atl. Rep. 620; Olmstead v. Latimer et al, 158 N. Y. 313, 53 N. E. Rep. 5.
No' consideration for the alleged extension was either averred or proved and the contention'that the agreement
Two other assignments of error are argued, but they do not present matters requiring discussion. , No error is made to appear by either of them.
The decree appealed from is affirmed.
Reference
- Full Case Name
- R. T. Mitchell v. J. T. Harper and J. A. Holly, co-partners doing business as Seminole Auto Company
- Cited By
- 5 cases
- Status
- Published
- Syllabus
- 1. A valid agreement extending the time for the payment of an obligation has the effect of suspending the right to enforce payment during the period of such extension. 2. In order to be effectual an agreement extending the time for. the payment of an obligation must be supported by a sufficient consideration. A mere agreement for delay for no definite time and without consideration is not binding.